Few of us can boast of their own homes, which were presented by rich parents or received as an inheritance from grandmother who had been living in Manhattan. So, the majority of people has to solve the room question on their own. Here the choice is limited: rent an apartment or buy it on mortgage. Under what conditions is more profitable to rent an apartment and under what to pay interest to the bank on your own? As usually before writing such articles, we have asked advice of professionals – people who have been working more than 20 years in renters insurance nyc sector.

RENT FOR YOUNG

So, firstly let’s talk about rent. Renting room or apartment is familiar for the majority of residents of New York. They are young people who do not want to live with their parents but they don’t have costs for buying their own house or young professionals who have pretty good salary but do not consider it necessary to invest all what they have earned in real estate. Thousands of young IT specialists rent apartment firstly in one country, then in another, often changing their location. A lot of such freelancers live in New York. They are completely satisfied with renting apartment because they always have place to return to but there is no need to buy it. For such young people is much easier to pay renters insurance nyc fees monthly and be calm for their rented house.

What is important, freelancers, who are natives of New York, always rent house in their hometown, even at a time when they leave city for a long trip. All fees, including renters insurance nyc fees are made via the Internet. It is always nice to come back to your home after trip around the world. Home is the best place.

Mortgage for married people

If you are a family man, it is best for to get a mortgage on a good home. There are so many nuances but now you are responsible not only for yourself but also for your family. So, if you are currently paying your renters insurance nyc fees and living in a rented house, it’s time to think about the mortgage.

All the “pros” and “cons”

1. Mortgage

Pros:

• This is your own apartment.
• Fixed price. Rising of real estate prices shouldn’t worry you.
• Flat is good financial asset that can be inherited or rented.
• The payment does not change during the entire term of mortgage, while rent increases.

Cons:

• You have to pay to the bank for a long time.
• Payment is approximately two times higher than rent.
• Interests on the loan are quite high.
2. Rent

Pros:

• Payment is usually two times less than loan.
• You can change the place of residence and live close to work.

Cons:

• This house will never be yours.
• Rental price will eventually rise.

If you live in rented house, our offer for renters insurance nyc will be interesting for you. Fill in quote or call us.